by Corrosion protective coatings help increase the longevity of assets by forming a protective barrier between the metallic surface and its surrounding environment. Some of the main products in this market include epoxy resin coatings, urethane coatings, acrylic coatings, and alkyd coatings. These coatings are widely used across industries like oil & gas, marine, construction, power generation, automotive, and aerospace due to their excellent adhesion, chemical resistance, and long-lasting performance.
The Global Corrosion Protective Coatings Market is estimated to be valued at US$ 29.09 Bn in 2024 and is expected to exhibit a CAGR of 4.3% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the corrosion protective coatings market are AstraZeneca PLC/AB, Bayer AG, Pfizer Inc., Cadila Pharmaceuticals Limited, Eisai Pharmaceuticals India Pvt. Ltd, Santarus, Inc., Wyeth, LLC, Janssen Pharmaceutica, Takeda Pharmaceutical Company Limited, Sanofi S.A, Aurobindo Pharma, Perrigo Company plc, Dr. Reddy’s Laboratories, Aralez Pharmaceuticals Inc., RedHill Biopharma Ltd (ADR) and Cipla Limited.
There is growing demand for corrosion protective coatings from infrastructure development projects as well as industrial expansion activities across regions. The market is witnessing increasing investments toward strengthening transportation, energy, and construction infrastructure globally.
Major manufacturers are focusing on strategic partnerships and expansion into high growth regions to leverage opportunities arising from rising construction spending, renewable energy adoption, and revamping of aging infrastructure in countries across Asia Pacific, Middle East, and Africa.
Market Key Trends
One of the key trends gaining momentum in the corrosion Protective Coatings Market Size is the rising popularity of powder coating technology. Powder coatings offer superior properties like uniform thickness and a smooth finish while releasing negligible volatile organic compounds into the atmosphere. They also allow fast curing and drying without the use of solvents. Leading coating manufacturers are innovating in this area to meet sustainability and performance goals of end-use industries.
Porter’s Analysis
Threat of new entrants: Low capital requirement for new corrosion protective coatings manufacturing plants. Bargaining power of buyers: Large number of buyers in construction and industrial sectors limits their bargaining power. Bargaining power of suppliers: Presence of many suppliers ensures competitive pricing of raw materials. Threat of new substitutes: Limited threat as corrosion protective coatings have few close substitutes. Competitive rivalry: Intense competition among existing corrosion protective coatings manufacturers.
Geographical Regions
Asia Pacific region accounts for the largest share in terms of value led by China, India, Japan and other developing economies. This is due to immense growth in end use industries like construction, oil & gas, automotive in the region.
North America region is expected to witness the fastest growth during the forecast period. This is attributed to increasing demand for corrosion protective coatings from various applications such as infrastructure, pipelines, industrial machinery etc. Country wise, U.S. holds the major share in the regional market.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
